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Jan 25, 2013
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draghi -- mario draghi says the central bank's limited bond buying scheme will stay in place until markets subside, but point out the effect of emt is yet to be fully realized. >> are we satisfied for that? >> i think to say the least, the jury is still out. because all in all, we haven't seen an equal momentum on the real side of the economy. >> and the imf manage director christine legarde says central bank stimulus is still needed. >> we have the central banks on the one hand. >> right. >> which have done quite a lot, which have been the fireman in a way. and you have the policymakers on the other hand, particularly in the eurozone who cancer v made some significant progress and need to keep the momentum. >> if there's been momentum anywhere lately, it has been in the u.s. equity market. if you take a look at the s&p 500, we did see a six or seven-day win streak. basically, the longest stretch of gains since 2006, pushing the s&p 500 within just points of the 1500 level on the close. today we're looking to add about another five points at the open. so the mood continues to be bolstered
draghi -- mario draghi says the central bank's limited bond buying scheme will stay in place until markets subside, but point out the effect of emt is yet to be fully realized. >> are we satisfied for that? >> i think to say the least, the jury is still out. because all in all, we haven't seen an equal momentum on the real side of the economy. >> and the imf manage director christine legarde says central bank stimulus is still needed. >> we have the central banks on the...
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Jan 27, 2013
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my friend mario draghi is talking about positive contagion. i certainly hope that he is right. i think one of the things i learned from my friend paul volcker was, and i learned this early in the 1980s during the latin american debt crisis, is that timing is of the utmost importance because the longer you take to fix a situation, the worse it gets. and, again, there's been no sense of urgency or timing in europe up til very recently. the feeling was that the policymakers there, politicians had all the time in the world, and we see what that's brought vis-a-vis the growth or lack thereof in the area. so i think timing really and when you announce timelines, you've got to live up to them. and we till don't have -- we still don't have important timelines that are being lived up to there. i think another one is be we want a program -- if we want a program to succeed in a country, austerity or better called reform program, we've got to make sure that the local populace of a country supports it. and that was, that's been a problem day one in a country like greece. i think it's been s
my friend mario draghi is talking about positive contagion. i certainly hope that he is right. i think one of the things i learned from my friend paul volcker was, and i learned this early in the 1980s during the latin american debt crisis, is that timing is of the utmost importance because the longer you take to fix a situation, the worse it gets. and, again, there's been no sense of urgency or timing in europe up til very recently. the feeling was that the policymakers there, politicians had...
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Jan 28, 2013
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judge of all these people saying mario draghi made that comment in july 26 with the markets have gone. the markets can be right but the markets can be wrong. and i think that not having been able to do the three things i said with a fixed timeline basically system how long as you're going to be stuck here? and so i think that this is a real question. you mentioned india also. andy was a 8.5, 9% growth. brought below 6% we have these major economies where they are. i think you need a good dose of not only fiscal stimulus and monetary stimulus but you've got to back that up with structural reform and i think deregulation. and i think that's really key for the world to get out of this problem that it is in today. because we agree, growth and jobs. if you can't show the path to grow, that's why i use -- because it is a pathway to growth. korea 1998, came into power, a man of the left. .. >> i don't know how many restructurings. and he decided enough is enough as finance minister. and he said we've got to get this debt deal done. we worked on it, got it done. within hours he announced the
judge of all these people saying mario draghi made that comment in july 26 with the markets have gone. the markets can be right but the markets can be wrong. and i think that not having been able to do the three things i said with a fixed timeline basically system how long as you're going to be stuck here? and so i think that this is a real question. you mentioned india also. andy was a 8.5, 9% growth. brought below 6% we have these major economies where they are. i think you need a good dose...
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Jan 25, 2013
01/13
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mario draghi talking about you could see some sort of a revival. right now in germany, the dax is up by 1%. in france, the cac is up by 0.6%. overnight in asia, take a look at these markets and you'll see mixed markets. the nikkei was up by 2.8%. things really cranking there. oil price these morning are up about 36 cents to 9631. the ten-year notoriety now is yielding 1.899% so that yield is picking up a little bit. dollar yesterday, we did see a mixed picture. this morning, you'll see that same story. the dollar is down against the euro, which is at 1.3446. and the dollar/yen, you see 90, 91. gold prices this morning are down about $4.90. the $1,665 an ounce. >> getting back to andrew in davos, he is joined by another special guest. and, andrew, you haven't really -- you know, we haven't seen any insight into your night life over there. and when, you know, you're young and all the disrupters know you, sean parker. are you going to fill us in? what did you do last night? >> sean will be on in the 8:00 hour, so we can talk about the night life. what
mario draghi talking about you could see some sort of a revival. right now in germany, the dax is up by 1%. in france, the cac is up by 0.6%. overnight in asia, take a look at these markets and you'll see mixed markets. the nikkei was up by 2.8%. things really cranking there. oil price these morning are up about 36 cents to 9631. the ten-year notoriety now is yielding 1.899% so that yield is picking up a little bit. dollar yesterday, we did see a mixed picture. this morning, you'll see that...
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president mario draghi as well and i have a feeling that the really interesting conversations about the referendum the european union debate in britain will happen behind secret closed doors but you know what i'm going to really try my best both go tactics to get into those listening to what's going on yesterday is all about russia's oh we had the prime minister to me to medvedev speak about the prospects and i realize the dependency on oil the place and see if they can come out of advance sometimes that russia gets a bad rap concerns of a major as well the brics are also going to be discussed today how they serve in these challenging times i'll be going into a lawsuit veto a novice's a go exclusive interviews for you in the business balloted at six thirty at eight thirty g.m.t. so join me. for joining katie just a bit later on the program for now there were jordanian islamists who boycotted wednesday's election they claim the vote was rigged and its results will undermine the future parliament's credibility of the government however hailed the poll as a gradual step towards democracy a
president mario draghi as well and i have a feeling that the really interesting conversations about the referendum the european union debate in britain will happen behind secret closed doors but you know what i'm going to really try my best both go tactics to get into those listening to what's going on yesterday is all about russia's oh we had the prime minister to me to medvedev speak about the prospects and i realize the dependency on oil the place and see if they can come out of advance...
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Jan 4, 2013
01/13
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since july, really, it's the commitment from mario draghi to do whatever it takes to save the eurozone. the uncertainty that dominated the fist part of 2012 was all about what happens if the currency situation collapses. i think this positive momentum that we've begun to see in all the major indices, which is when i will they're showing below 50, this shows confidence is returning in both the manufacturing and services sector across the larger economy. it's telling us that the directional bias is the more positive one. people are committing further out in terms of their own anticipation expectations. so the detail, if you dig down into it in germany and france is affirming the message that companies are beginning to be more open-minded about upside in 2013 rather than risk in 2013 that things are going to be getting worse. >> and that's from -- as you suggest from those words that draghi, believe me, it will be enough. so are we getting into a more self-fulfilling virtuous state as opposed to a negative downward side? >> we've seen this on both sides. the minute policymakers threaten t
since july, really, it's the commitment from mario draghi to do whatever it takes to save the eurozone. the uncertainty that dominated the fist part of 2012 was all about what happens if the currency situation collapses. i think this positive momentum that we've begun to see in all the major indices, which is when i will they're showing below 50, this shows confidence is returning in both the manufacturing and services sector across the larger economy. it's telling us that the directional bias...
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Jan 10, 2013
01/13
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we'll find out how mario draghi plans to shape the year. plus, the oscars, we'll look at the favorite to pick up the golden statue from los angeles at 11:40 e.t. lincoln got ten nominations yesterday. but first, china hs surprised the market with a very strong set of trade numbers. exports for december blowing past expectations hitting a seven-month high. our china correspondent has the details for us and joins us in singapore. hi, eunice. even orr iron ore is up a bit w will reflect the commodity prices. >> yeah. and these numbers blew everybody away especially after the november numbers came in so poorly that everybody's expectations were managed downwards. the exports came in at 14.1% for december. imports came in strong at 6% for december, as well. so all the numbers look pretty good. now, the reason why people were so thrown off by these numbers was just because the data has been showing that the weakness in europe as well as the weakness in the united states has been a really -- having an impact here in china, especially on the manufa
we'll find out how mario draghi plans to shape the year. plus, the oscars, we'll look at the favorite to pick up the golden statue from los angeles at 11:40 e.t. lincoln got ten nominations yesterday. but first, china hs surprised the market with a very strong set of trade numbers. exports for december blowing past expectations hitting a seven-month high. our china correspondent has the details for us and joins us in singapore. hi, eunice. even orr iron ore is up a bit w will reflect the...
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Jan 10, 2013
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if we look at the euro and think mario draghi, you can see the 24 hour chart. flirting with 132. high water mark on the recent move. but now look at the dax. up about half of 1%. everybody saying it's because he's kind of talking about recovery. i looked at their unemployment data. he's not convincing me. i think the markets are uniform in one thing. if you keep giving gifts, stocks keep going up. he said he's not worried about the exit. enough said. now let's switch gears a bit to another fx market. look at this chart going back to july of 2010. the dollar-yen once again on fire ain the dollar's favor. could be a fresh 29 1/2 month high on the side of the dollar. jim krcramer, it's all yours. >> let's check out the latest moves in energy and metals. sharon. >> definitely about china when you're talking about most of the commodities an the momentum that we're seeing in the commodities sector today. we are looking at oil prices broken out above 94% a barrel for the wti contract and that is significant. the fact that we did see from china december oil imports up 8% and year over ye
if we look at the euro and think mario draghi, you can see the 24 hour chart. flirting with 132. high water mark on the recent move. but now look at the dax. up about half of 1%. everybody saying it's because he's kind of talking about recovery. i looked at their unemployment data. he's not convincing me. i think the markets are uniform in one thing. if you keep giving gifts, stocks keep going up. he said he's not worried about the exit. enough said. now let's switch gears a bit to another fx...
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Jan 11, 2013
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superman, ironman, super mario draghi? whoever you like, e-mail us, tweet us. my produces asked me who i thought my favorite super hero was. it took my a while to think about it, but then i thought hong kong fooey. there you go. many happy memories. talking about hong kong, hong kong is set to influence sweeping reforms this year. the move is seep as a bid to attract high quality companies as it seeks to try and become more competitive against rivals in new york and singapore. mark is still with us. good to see you. are these rules going to have the desired effect, do you think? >> i think it's -- the rules are good. and i think in the long run, they will have the desired effect. i think the idea really is to continue to attract really good companies. but i think at some point it would enhance the overall quality and the standard of the stock exchange and i think in the long run, people will be attracted to think that the exchange is definitely a more credible one. so i think in the long run, they will have the desired effect. >> what in particular is a stand o
superman, ironman, super mario draghi? whoever you like, e-mail us, tweet us. my produces asked me who i thought my favorite super hero was. it took my a while to think about it, but then i thought hong kong fooey. there you go. many happy memories. talking about hong kong, hong kong is set to influence sweeping reforms this year. the move is seep as a bid to attract high quality companies as it seeks to try and become more competitive against rivals in new york and singapore. mark is still...
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Jan 3, 2013
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without the rtos and without the bond buying for mario draghi last summer, we certainly wouldn't have seen the scale of decline in bond yields. at the same time, those enactments or certainly the bond buying program wouldn't have been achieved had there not been a radical improvement in the policy agenda in some of the at-risk countries. there has to be a combination of the two factors. >> before we let you go, very briefly, the italian election is coming up. how are investors going to traipse through that? >> certainly what we've seen here is a very interesting situation where clearly investors are expecting policy continuity irrespective of the outcome, or the parliamentary election in february. i suspect that investors have been lulled into a false sense of complacency with regard to italy and in particular spain. and the ecb is partly -- is partly responsible for that. what is the actual effects of the ecb's bond buying program, the signal effects. mr. monti has raised the stakes considerably. he's entered the xap. he's poe lit sized the campaign. he's allowed the campaign to cent
without the rtos and without the bond buying for mario draghi last summer, we certainly wouldn't have seen the scale of decline in bond yields. at the same time, those enactments or certainly the bond buying program wouldn't have been achieved had there not been a radical improvement in the policy agenda in some of the at-risk countries. there has to be a combination of the two factors. >> before we let you go, very briefly, the italian election is coming up. how are investors going to...
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Jan 11, 2013
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because one of the things that happened yesterday was that mario draghi kind of reset the correlation between risk assets and euro. if you note the last couple of weeks we've had a big divergence where equities vr been rallying and europe collapsing. yesterday draghi said basically he thinks the situation in you're row zone has stabilized you saw equities and eurozone rally. you see the euro break highs of 33, 34, maybe go to 3500. >> how is that possible, though, based on draghi's comments, no problem, there's nothing to see here, don't worry about it? how does this not come back. the problems haven't been solved and if you look to spain's unemployment rate, how that's continued to soar, how do they get themselves out of this thing? >> the assumption basically is that the financial situation within europe has kind of stabilized. the periphery borrowing rates have come down substantially. >> that's true. the ten year has come down substantially in italy and spain and other places. >> exactly. you're actually right. to me the single biggest risk for everybody right now is not economic
because one of the things that happened yesterday was that mario draghi kind of reset the correlation between risk assets and euro. if you note the last couple of weeks we've had a big divergence where equities vr been rallying and europe collapsing. yesterday draghi said basically he thinks the situation in you're row zone has stabilized you saw equities and eurozone rally. you see the euro break highs of 33, 34, maybe go to 3500. >> how is that possible, though, based on draghi's...
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Jan 24, 2013
01/13
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mario draghi and the ecb and how it handled monetary policy at a particular moment in time was critically important. so to try to stay on top of that and not only partially anticipate it, but to know when a change occurs, how to properly excerpt it and what does that mean in terms of the knock-on effect because everything is cause/effect relationships and causes happen before effects. and if you understand the cause/effect relationship, that's what it's all about. >> scott sperling who runs t.h. lee is back in the studio. >> hi, ray, how are you? you've done this spectacular job at being able to call macro trends very well, and sometimes very aggressively. one of the things that is -- we've noted over the last, particularly few months, is the use of judicious amounts of leverage on bond portfolios to try to emulate equity-like returns. i think risk parity is what they call it. and you've done a great job with that sort of thing. ist -- is that a mechanic or is that an indication of direction of attractiveness, relative attractiveness, of fixed income to the equity market? >> a mechanical
mario draghi and the ecb and how it handled monetary policy at a particular moment in time was critically important. so to try to stay on top of that and not only partially anticipate it, but to know when a change occurs, how to properly excerpt it and what does that mean in terms of the knock-on effect because everything is cause/effect relationships and causes happen before effects. and if you understand the cause/effect relationship, that's what it's all about. >> scott sperling who...
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Jan 25, 2013
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today mario draghi was speaking. he said what the ecb has been able to do is have a pos contagi contagion. >> the level of economic activity is in the process of stabilizing at very low levels. we foresee a recovery in the second part of the year. it is a situation where you have what i called once a positive contagion on the financial markets. and for the financial variables. but we don't see this being transmitted into the real economy yet. >> there is one problem with the money that's being returned to the ecb. that's a danger that you create the perception of a two-tier banking sector in europe. those that will return cheap money to the banks and those that are weaker on the subject of weaker banks that we just mentioned. bmps, the third largest bank in italy. look for it to be bailed out over the weekend after that $1 is billion in trading losses they discovered from derivatives. you mentioned the uk. we should just note the uk contracted in the fourth quarter more than we thought. britain may have a triple digi
today mario draghi was speaking. he said what the ecb has been able to do is have a pos contagi contagion. >> the level of economic activity is in the process of stabilizing at very low levels. we foresee a recovery in the second part of the year. it is a situation where you have what i called once a positive contagion on the financial markets. and for the financial variables. but we don't see this being transmitted into the real economy yet. >> there is one problem with the money...
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Jan 11, 2013
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boy, have things changed because of mario draghi. let's show you also the euro -- i also wanted to show you the italian ten-year yield versus the u.s. let's go to the charge where they are yield versus year old. u.s. rates have been rising while italian rates are falling. it's been -- what's been so long a very steady pass, and while the ecb is doing that -- let's just move on to the euro, so we can show you the big move it has made, particularly today. so this is day two of the draghi effect. >> art just said they really only walepapered over the effect, but you have to admit -- >> their actual budget, if you could get rid of italy's interest payments, the actual budget is pretty close to being balanced, which is big statement, as opposed to ours, as opposed to greece's still, so in some ways they are closer. but you're right, carl. back to you. >> interesting. good stuff. get a check on energy here. sharon? that has seriously pressured brent crude prices. we're also looking at weakness in the metals, gold, silver, copper platinum,
boy, have things changed because of mario draghi. let's show you also the euro -- i also wanted to show you the italian ten-year yield versus the u.s. let's go to the charge where they are yield versus year old. u.s. rates have been rising while italian rates are falling. it's been -- what's been so long a very steady pass, and while the ecb is doing that -- let's just move on to the euro, so we can show you the big move it has made, particularly today. so this is day two of the draghi effect....
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Jan 29, 2013
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draghi was in charge of the bank of italy. there is still a huge amount of concern in italy at a time when they may have to increase their austerity. today the finance minister is going to be up before and he is explaining exactly what went on with bribes paid in a take over. what did mario drag hye know? the danger is that this impacts the result of the italian election and that potentially get those nonmonti, nonausterity people having a greater say and that could upset the apple cart. for the moment it is a localized issue it would appear but there is the prospect it could influence the election further down the line. >> a lot going on there too. thanks, simon hobbs. we're keeping a very close eye on the dow getting closer and closer to 14,000. meantime let's check on energy commodities. >> as the dow moves higher we're also watching oil prices move higher. we just hit a new intraday high of 9773 hovering just under that level right now. wti hitting more than a four-month high. strong manufacturing data out of the u.s. yest
draghi was in charge of the bank of italy. there is still a huge amount of concern in italy at a time when they may have to increase their austerity. today the finance minister is going to be up before and he is explaining exactly what went on with bribes paid in a take over. what did mario drag hye know? the danger is that this impacts the result of the italian election and that potentially get those nonmonti, nonausterity people having a greater say and that could upset the apple cart. for...